Neon: Scaling Ethereum dApps on Solana - II. The Utility and Future

harryji (79)adminYour Wizardin Harry Potter Library • last year

The Neon EVM is a fully EVM-compatible implementation on Solana. This means that developers can port their existing Ethereum dApps to Neon without any major changes.
Anf the Neon EVM is still in beta, but it has already seen significant adoption. There are over 100 dApps deployed on Neon, and the number is growing rapidly.

I would like to talk about the utility and the future a bit deeply.

What is the utility of NEON?

The Neon EVM economy is fee-based. The Neon token, NEON, is an SPL utility token with 2 functions:

Payment of fees: The Neon EVM Operator accepts payment from the user in NEON tokens to pay the fees required for transaction execution.
Governance: Owners of NEON may engage in the Neon DAO governance activities.

How can I start using the Neon EVM?

Neon EVM is already deployed as a closed beta on Solana Mainnet.
To understand more about how to use Neon EVM, see the documentation on Neon Foundation’s website.
For a high-level overview of the technical architecture and features of Neon EVM, the whitepaper is available at NeonEVM.org/whitepaper.pdf.

To execute Neon transactions, it is necessary to pay the Operator in NEON. The challenge is that the NEON token is an SPL token that is used to pay for fees in an EVM-compatible system. To achieve this, the SPL token is transferred to Neon EVM using NeonPass. NeonPass is available as a UI tool and programmatically from the NeonPass npm package.

What are your thoughts on the future prospects of the Ethereum and Solana ecosystems?

A common characterization of the Web3 community is to view them as divided into one of two camps: Ethereum vs. Solana.

The zeitgeist debates one surviving over the other. We don’t hold with this narrative. In fact, Neon EVM believes that both L1s have an important role to play and that they fit different requirements.
For example, in Solana, storage and smart contract logic are separate, and Solana does not keep a historical record of the data beyond 2 days. Whereas in EVMs, the accounts store all the data. This difference can influence the use cases for each chain; we need both ecosystems. This is why we assert that both ecosystems will continue to thrive.

There are the genuine divides that are emerging in the Ethereum community (i.e., optimistic vs. ZK Rollup supporters). Neon EVM offers a balance to such a division by providing a third path.

Ethereum has much to gain from access to the Solana community and vice versa. Solana has an incredibly active community. Consider recently that just one meme token on Solana conducted more transactions than Ethereum in the same three-day period. Solana also continues to see growth in both NFT and gaming applications.

The Ethereum and Solana ecosystems and communities complement each other: the high throughput, low gas fees, and vibrant and growing ecosystem of Solana combined with Ethereum’s large and experienced community — that’s the synergy that Neon EVM offers.

What is the governance model for the Neon EVM, and how will future decisions be determined to inform its development?

Neon DAO is the key partner of the Neon Foundation, the body responsible for promoting the development, growth, and adoption of Neon EVM and its ecosystem. Neon DAO operates as a decentralized Neon EVM governance layer using an SPL governance program.
It exists as a series of contracts deployed on Solana and receives fees for its services. DAO community participants, i.e. NEON holders utilize a web interface to raise, and vote on, proposals that impact the Neon EVM using an SPL governance program with add-ins.

Neon DAO will vote on, take decisions, and form recommendations on the design and function of Neon EVM. This includes issues related to setting up Neon EVM parameters and agreeing on redesign and updates to the Neon EVM Program.

What is the best way to get involved with the Neon community?

You can find Neon on Twitter(https://twitter.com/Neon_EVM) and it is good option to join Neon’s very active Discord community(https://discord.gg/neonevm) to meet the long-term and loyal community builders. If you are interested in learning more about the Neon Protocol, head over to learn more at NeonEVM.org.

Neon: Scaling Ethereum dApps on Solana - I. What problems does Ethereum have now?

Source: Neon

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